Bhutan Government Moves 700 BTC Worth $43.75M to Binance

Highlights:

• The government of Bhutan has moved approximately $43.75 million in BTC to Binance.
• Onchain Lens monitoring reported that the nation moved 700 BTC as part of its routine BTC deposits into exchanges.
• The country’s wallet still holds approximately $109.303 million in digital assets despite moving significant volumes of BTC. 

The Royal Government of Bhutan has deposited yet another substantial volume of Bitcoin (BTC) to a crypto exchange. In an X post on Saturday, Onchain Lens monitoring reported that the government of Bhutan moved 700 BTC worth roughly $43.75 million to Binance, the world’s largest cryptocurrency exchange by trading volume.

Despite moving such significant volumes of BTC, the nation’s crypto portfolio still holds digital assets valued at approximately $109.303 million. The wallet holds 1,750 BTC worth roughly $109.3 million. It also holds 1.757 ETH, valued at approximately $3,080. Other assets in the wallet include APU, KIBSHI, LNQ, PHIL, AIKEK, LL, BNB, MATIC, and a few others, with a combined valuation that is less than $20.

The Royal Government of Bhutan deposited 700 $BTC ($43.75M) into #Binance.https://t.co/TEKoW47knShttps://t.co/f2cL5LdzN2 pic.twitter.com/1WAWC0VN1a

— Onchain Lens (@OnchainLens) July 4, 2026

According to Arkham Intelligence, the government of Bhutan has been dumping digital assets into exchanges for the past five years. Since the beginning of 2026, the nation has deposited over 3,000 BTC into exchanges. There are also a few inflows into the nation’s crypto treasury. These could come either via mining or from external addresses. 

For over a year now, Bhutan has not recorded Bitcoin mining inflows above $100,000. Meanwhile, as of late March, total outflows recorded in 2026 were valued at about $158.57 million, while the total inflows were approximately $38.84 million. Overall, the net outflow during this period was worth roughly $120 million. 

Bitcoin’s Price Spikes as Bhutan Government Moves BTC to Binance

At the time of writing, the crypto market is 1.3% up in the past 24 hours. It has a market capitalization of $2.216 trillion and a trading volume of $61.1 billion. Bitcoin has also appreciated by the same margin. It is trading at approximately $62,459 with a market capitalization of about $1.25 trillion and a trading volume of $24.4 billion. 

Bitcoin has appreciated 3.6% over the past seven days, with prices fluctuating between $57,778.72 and $62,866.74. In the past month and year, the asset has declined by 2.4% and 42.7%, respectively. In addition, BTC is 50.4% below its $126,080 all-time high (ATH) attained in October 2025. Bitcoin’s supply inflation remains low at 0.83%, with a medium volatility of 3.06%. “Fear & Greed Index” continues to point to “Extreme Fear” at 21, while sentiment is neutral. 

Individuals and Companies Continue to Deposit BTC into Exchanges

On July 3, on-chain tracker Lookonchain reported that a wallet linked to Clifton Collins, a convicted Irish drug dealer, moved 500 BTC worth roughly $30.85 million to Coinbase Prime, a crypto brokerage platform. Collins was among the early Bitcoin investors, renowned for accumulating 6,000 BTC at an average cost of $5 between 2011 and 2012. 

The on-chain tracker reported:

“After 10 years of dormancy, the wallets suddenly became active again 3 months ago, appearing to sell BTC. Over the past 3 months, 1,500 BTC have been deposited into Coinbase Prime and Wintermute. The wallets still hold 4,500 BTC ($276M).”

Clifton Collins deposited another 500 $BTC($30.85M) to Coinbase Prime 12 hours ago.

Clifton Collins is an Irish drug dealer known for buying around 6,000 $BTC in 2011–2012 at an average price of about $5 per $BTC.

He printed the private keys on paper and hid them inside fishing… pic.twitter.com/6nZxNKFVJp

— Lookonchain (@lookonchain) July 3, 2026

On June 30, Lookonchain also reported that the asset management firm BlackRock deposited 4,984.56 BTC valued at approximately $295 million into Coinbase Prime. The asset management company also deposited 30,725 ETH worth roughly $48.58 million into the crypto brokerage platform.